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Forex pairs in this Article » USD/JPY (Edinburgh) -The greenback is getting hammered post-NFP on Tuesday, now dragging the USD/JPY back to test the 98.00 handle after hitting highs near 98.50.

USD/JPY capped around 98.50

The pair is now retracing yesterday’s gains after being rejected once again from the 98.50 level as risk appetite continues to prevail. “Over the medium term we continue to believe that the BoJ will eventually increase the aggressiveness of the QQE program and USD/JPY will shift higher, but for now USD/JPY appears quite comfortable trading in a relatively narrow range… Support lies at the 200-day moving average at 97,23, resistance lies at last week’s high of 98.97, followed by 99.20”, noted Camilla Sutton, Chief Strategist at Scotiabank.

USD/JPY levels to watch

At the moment the pair is down 0.09% at 98.09 with the immediate support at 97.88 (low Oct.22) followed by 97.80 (low Oct.21) and finally 97.55 (low Oct.18). On the flip side, a breakout of 98.46 (61.8% of 99.01-97.55) would target 98.68 (cloud base) en route to 99.01 (high Oct.17).
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